MIRA INFORM REPORT

 

 

 

Report Date :

05.11.2008

 

IDENTIFICATION DETAILS

 

Name :

PAREKHPLAST INDIA PRIVATE LIMITED

 

 

Registered Office :

101, Shivai Plaza, Compartment No. 151, Marol Industrial Co-Op.Society Limited, Off Andheri-Kurla Road, Marol Bhavan, Marol, Andheri(E), Mumbai –400 059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

30-03-1999

 

 

Com. Reg. No.:

119191

 

 

CIN No.:

[Company Identification No.]

U25200MH1999PTC119191

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

 MUMP10508B

 

 

PAN No.:

[Permanent Account No.]

 AABCP4523B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Multi Component Injection Moulding Machines and Ver Injection Moulding Machines.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Mr. Laxman, Mr. Prasad and Mr. Sameer denied business and financial details.

 

Subject is a well established and reputed company having satisfactory track. Trade relations are fair. Payments are reported as slow but correct.

 

However, the company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

101, Shivai Plaza, Compartment No. 151, Marol Industrial Co-Op.Society Limited, Off Andheri-Kurla Road, Marol Bhavan, Marol, Andheri(E), Mumbai –400 059, Maharashtra, India

Tel. No.:

91-22-67263501 (30 lines)

Mobile No.:

91-9391355552

Fax No.:

91-22-67263500

E-Mail :

charul_ghia@parekhplast.com

tushar_parekh@parekhplast.com

marketing@parekhplast.com

Website :

www.parekhplast.com

www.indiamart.com/parekhplast

 

 

Showroom for
Signage Display

F/30, Nand Dham Industrial Estate, Marol Maroshi Road, Andheri (East),
Mumbai - 400 059, Maharashtra, India

 

 

USA Office :

Parekhplast Albatross Inc., 17 Dogwood Drive Edison, NJ 08820 USA

Tel. No.:

732-986-3536

Office :

908-755-4693

E-Mail :

msuhasm@aol.com

 

 

Packaging Business and Secondary Packaging Solutions :

Contact Person: VVMM Prasaad          

Mobile No: 91-93913 55552 

E-Mail: tufpac@parekhplast.com                                                

 

 

Signages and Six Sigma Media Solutions :

Contact Person: Raju Parikh

Mobile No.: 91-93222 01331

E-Mail: sixsigmamedia@parekhplast.com

 

 

Electronics and Development :

Contact Person: Bimal Parikh    

Mobile No.: 91-93250 57285       

E-Mail: development@parekhplast.com

 

 

DIRECTORS

 

Name :

Mr. Tushar Dhankumar Parekh

Designation :

Director

Address :

Plot No.45, Matruchaya, Mahant Road Extension, Vile Parle (East), Mumbai – 400 055, Maharashtra, India

Date of Birth/Age :

30.08.1957

Date of Appointment :

30.03.1999

Pan No. :

AABPP6210G

 

 

Name :

Mr. Charul Jitendra Ghia

Designation :

Director

Address :

101, 1st Floor, Megh Apartments, Military Road, Ruia Park, Vile Parle (West),  Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

02.01.1960

Date of Appointment :

30.03.1999

Pan No. :

AAFPG8315H

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2007

 

Names of Allottees

No. of Shares

Charul J Ghia

1049650

Tushar D. Parekh

779250

Rajesh D. Parekh

720000

Smita Ghia

450000

Trilok D. Parekh

550

Kundanlal Chopra

250

Rashmi Chopra

50

Kamal Chopra

50

Bina Kapadia

50

Shaila Shah

50

Yashmin Sheth

50

Trilok D. Parekh HUF

Dhankumar Parekh - Karta

50

Total

3000000

 

As on 20.07.2006

 

Names of Allottees (Bonus Shares)

No. of Shares

Charul J Ghia

836200

Tushar D. Parekh

618200

Rajesh D. Parekh

571400

Smita Ghia

353600

Trilok D. Parekh

400

Kundanlal Chopra

200

Rashmi Chopra

40

Kamal Chopra

40

Bina Kapadia

40

Shaila Shah

40

Yashmin Sheth

40

Trilok D. Parekh HUF

40

Total

2380240

 

As on 29.09.2007

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Multi Component Injection Moulding Machines and Ver Injection Moulding Machines.

 

 

Products :

·         Flexible Packaging Material              

·         Injection Molding Components

·         Blow Molding Components                

·         Shrink Chamber

·         Shrink Tunnels                                 

·         Semi-Automatic Machine

·         Operating Panels                             

·         Signage Projects

 

 

GENERAL INFORMATION

 

Bankers :

The Saraswat Co-operative Bank Limited, Marol Branch, Marol Maroshi Road, Marol Village, Andheri (East), Mumbai – 400 059, Maharashtra, India

 

 

Facilities :

Secured Loans :

 

 

 

As on 31.03.2007

Rs. in Millions

Term Loan from Bank

Term loan from Bank is secured by Mortgage of land and Building, Electrical Installation, Plant and Machinery, Dies and Moulds at P-11 and P-51 at Palghar, Patancheru, Dadra Unit and Personal Guarantees of Directors.

9.562

Cash Credit, Bill Discounting, L/C and OD against RD

Cash Credit, Bill Discounting Loan is secured by Mortgage of Office Premises at Andheri and Hypothecation of stocks and second charge on company’s all Fixed Assets at Palghar and Personal Guarantees of Directors

153.105

Car Loan

(Secured by way of Hypothecation of Vehicles)

1.029

Total

163.696

 

Unsecured Loan

 

As on 31.03.2007

Rs. in Millions

Directors and Shareholders

1.470

Total

1.470

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

A.R. Sodha and Company

Chartered Accountants

Address :

101, Ashiana, 11th Road, T.P.S. – III, Opposite BMC Hospital, Sanatacruz – East, Mumbai – 400 055, Maharashtra, India

 

 

Associates/Subsidiaries :

NIL

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

3000000

Equity Shares

Rs.10/- Each

Rs.30.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

3000000

Equity Shares

Rs.10/- Each

Rs.30.000 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

30.000

5.951

5.950

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

70.218

112.080

52.141

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

100.218

118.031

58.091

LOAN FUNDS

 

 

 

1] Secured Loans

163.696

115.753

122.531

2] Unsecured Loans

1.470

1.470

25.467

TOTAL BORROWING

165.166

117.223

147.998

DEFERRED TAX LIABILITIES

4.882

5.925

6.638

DEFERRED SALES TAX LIABILITIES

30.917

25.105

0.000

 

 

 

 

TOTAL

301.183

266.284

212.727

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

104.669

80.264

76.731

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

3.977

4.440

2.428

DEFERREX TAX ASSETS

0.840

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
71.514

57.350

59.314

 

Sundry Debtors
109.281

134.860

102.428

 

Cash & Bank Balances
35.440

26.596

21.237

 

Other Current Assets
3.867

3.689

4.438

 

Loans & Advances
49.521

49.992

26.700

Total Current Assets
269.623

272.487

214.117

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
45.094

56.744

47.040

 

Provisions
32.832

34.163

33.622

Total Current Liabilities
77.926

90.907

80.662

Net Current Assets
191.697

181.580

133.455

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.113

 

 

 

 

TOTAL

301.183

266.284

212.727

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

Sales Turnover

355.272

454.761

Other Income

3.938

5.625

Total Income

359.210

460.386

 

 

 

Profit/(Loss) Before Tax

3.792

70.039

Provision for Taxation

(0.914)

5.390

Profit/(Loss) After Tax

4.706

64.649

 

 

 

Expenditures :

 

 

 

Manufacturing Expenses

48.212

56.048

 

Administrative Expenses

18.923

17.765

 

Raw Material Consumed

211.095

252.991

 

Increase/(Decrease) in Finished Goods

(3.626)

(3.562)

 

Payment to and Provisions for Employees

40.901

27.748

 

Selling and Distribution Expenses

15.054

14.004

 

Preliminary/ Deferred Expenses Written off

0.000

0.111

 

Loss on Sale of Assets

0.000

0.335

 

Interest and Finance Charges

13.462

14.782

 

Depreciation

11.397

10.125

Total Expenditure

355.418

390.347

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
1.31

14.04

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.07

15.40

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.00

19.61

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.04

0.59

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.43

1.76

3.94

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.46

3.00

2.65

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

PAREKHPLAST INDIA PRIVATE LIMITED

Presented By

Parekhplast India Private Limited and The Saraswat Co-operative Bank Limited, Marol Branch, Marol Maroshi Road, Marol Village, Andheri (East), Mumbai – 400 059

1) Date and description of instrument creating the change

Agreement of Hypothecation of movable property dated 02.12.2005.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.5.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All machinery, tangible movable property etc. and more particularly as shown in detail as per the above referred agreement dated 02.12.2005.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 9.5% p.a. or at such other rate as may be fixed by the Bank from time to time and notified to the Borrower.

 

Other terms and conditions as per the above referred Agreement dated 02.12.2005.

5) Name and Address and description of the person entitled to the charge.

The Saraswat Co-operative Bank Limited, Marol Branch, Marol Maroshi Road, Marol Village, Andheri (East), Mumbai – 400 059

6) Date  and brief description of instrument modifying the charge

NA

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

 

 

This form is for

Creation of charge

Corporate identity number of the company

U25200MH1999PTC119191

Name of the company

PAREKHPLAST INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

101, Shivai Plaza, Compartment No. 151, Marol Industrial Co-Op.Society Limited, Off Andheri-Kurla Road, Marol Bhavan, Marol, Andheri(E), Mumbai –400 059, Maharashtra, India

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

The Saraswat Co-operative Bank Limited, Marol Branch, Marol Maroshi Road, Marol Village, Andheri (East), Mumbai – 400 059, Maharashtra, India

E-Mail: njbhatia@rediffmail.com

Nature of description of the instrument creating or modifying the charge

Agreement of Hypothecation of Movable Property

Date of instrument Creating the charge

16.07.2008

Amount secured by the charge

Rs.0.668 Million

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest: 12.50% p.a. or at such rate as may be determined by the bank from time to time.

 

Terms of Repayment: 57 Months

 

Margin: 25% in bank’s favour

 

Extent and Operation of the charge: This is term loan facility

Short particulars of the property charged

Hypothecation of fixed assets FFF tangible movable property (both present and future) belonging to the borrowers and lying and being at the borrowers place of business at Palghar and Patancheru or wherever else the same maybe. Hypothecation of all the book debts, outstandings, monies receivables, claims and bills.

 

FIXED ASSETS:

 

WEBSITE DETAILS:

 

Company History:

 

The development of Subject from its inception as a single manufacturing facility in 1981 until the present day has been accomplished through organic growth. The Company began by manufacturing plastic bottles for industrial applications. This growth was driven through continued and relentless focus on the strategies, market and framework of Subject expertise.

Subject is fundamentally committed to ongoing technical advancement with a tap on technology in all its business verticals. It is that with this commitment, Subject grew from the single facility in Mumbai, India, to five specialized production sites across India, with many more to come.

1981

Subject from the sole facility in Mumbai, India establishes a respectable position in the Indian Rigid Packaging segment for Industrial products, a specialty sector then.

 

1990

At the beginning of 1988 the technocrat promoters of Subject Shri Charul J Ghia and Shri Tushar D Parekh lay a blue print to expand the product range to ensure the company continued as a major supplier to the paint manufacturing industry.

 

By 1989, Subject identified locations and selected Tarapur – Palghar as an ideal location to focus the expansion program. Subject, then started operating from Palghar and quickly added another location in the same area, and strengthened their market position by developing HDPE containers for paints- a replacement for tin packs.

 

1999

In 1998, Subject refocused itself and added the personal care segment to the packaging business vertical. To augment the facilities the Company started operating from Daman (UT) and created a niche in the segment. The Company still prides in being sole supplier to many customers for their specific packaging needs. Opportunities galore the company diversified to PCB’s manufacturing from another unit by setting up a manufacturing and testing facility in the 2001.

 

2000

Subject grew in leaps and bounds through their commitment of service and development and realigned their growth strategy by setting up a state of the art plant at Patancheru near Hyderabad. This positioned the Company to cater to the southern region of India. The Company developed low weight containers for the stringent paint industry application and succeeded in capturing a major share in the segment.

 

2003

The Company saw a great potential in the Signage business a nascent industry then and set up manufacturing plant with the latest technology, and also became a 3M converter within no time. The core focus was on the RVI segment of the Petroleum Industries which was undergoing a sea change. The company took up the challenge and stunned the industry by focusing on manufacturing and executing projects across India. The Company has completed more than 1850 installations a challenge that very few could achieve.

 

Quality Assurance:      

 

Subject shall be suppliers of high Quality plastic products and shall provide products, which exceed the needs and expectations of the customers with a commitment to satisfy applicable statutory and regulatory requirements.

 

They shall strive to continually improve the products, processes, practices and employee skills.

 

Active involvement and commitment of top management and all employees is ensured through team work to achieve the implemented Quality Management System.

 

They have realized that, the employees should get an opportunity to grow along with the company.

 

The Palghar and Patancheru plants are ISO 9001 – 2000 certified by KPMG.

 

All containers and bottles in a batch are 100% visually checked, with spot checks (minimum of 3 pieces per shift) undertaken in the plant’s state of the art Quality Control Laboratory to ensure standards are continually met both during molding and also in post molding activities.

 

For the Signage and Electronics business division, they have earned the reputation for excellence by valuing the customers, paying attention to their needs, and by consistently delivering quality products to them in a timely manner.

 

This goal has kept them at the forefront of the industry. The innovation, expertise and experience enable them to meet their unique needs for product development and improvement.

 

They regularly consult with the customers and undertake internal reviews to ensure that the concerns and interests of customers are kept constantly in view, and where necessary, addressed, to maximum satisfaction.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.62

UK Pound

1

Rs.76.71

Euro

1

Rs.61.30

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions